A British Overseas Territory with its own parliament, laws and stock exchange, Gibraltar’s economy is built on banking, the shipping trade, and its role as an international conference centre. The UK and Spain are Gibraltar’s chief trading partners. Known as ‘The Rock’, Gibraltar is situated on a peninsula in southern Iberia.
Gibraltar’s economy is dominated by the services sector. Key industries include financial services, shipping and tourism. Internet services, primarily online gambling, are another important source of income. Internet gambling is licensed under the Gambling Act 2005. The Gibraltar Regulatory Authority serves as the Gambling Commissioner under the Act.
Formerly dependent on the UK Ministry of Defence, today the MoD only accounts for around 6% of total income. However, shipping remains an important source of income, and the territory operates one of the largest bunkering ports in the Mediterranean. The Rock is situated on the Straits of Gibraltar, a globally important shipping lane. Around 7,000 ships call here every year.
Gibraltar has a reputation as an International Finance Centre. The territory has granted certain fiscal advantages, such as exemption from tax on capital income, to around 8,000 companies. Gibraltar enjoys a reputation as a well-regulated financial centre, and has been commended by the IMF for its openness and willingness to share information.
With over forty years of experience, HLB professionals in Gibraltar enjoy an international reputation for excellence.
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